Gold Slides to $4,262 as Hawkish Fed Rate Hike Triggers Technical Breakdown 
Synthetic data could ease people’s concerns about privacy breaches. But who gets to create it? 
China’s robots can run faster than Usain Bolt – now they are being prepared for war 
What is Zionism? The different meanings of a contested term 
Europe can’t achieve space sovereignty alone. Here’s why 
Big AI wants to slow down AI research. Is it a safety pause or a strategic retreat? 
Banking scandal rocks Brazil’s politics and the country’s presidential election in October 
Physicists zoom into the birth of cosmic rainstorms with new CERN study 
Unsustainable – or manageable? We don’t yet know how data centres will impact Australia’s environment 
Add as a preferred source on Google
Crude oil (WTI) is finding some bids around $44/barrel area just above $43.3/barrel critical support area, is moving sharply higher ahead of key inventory report release from Energy information administration (EIA). WTI is currently trading at $45.9/barrel.
However, bulls are likely to exercise caution after yesterday's 7.7% slump in price.
Key factors at play in Crude market
- Crude oil production in US has dropped recently but remains well above 9 million barrels/day.
- OPEC production is well above 30 million barrels/day quota, highest since 2008. However OPEC members lack further spare capacity to push production higher, without significant investments.
- Iran has additional capacity and might boost production if sanctions removed.
- American Petroleum Institute's (API) weekly report showed inventory surplus of 7.6 million barrels, which is fourth consecutive weekly drop.
Today's report might work as key catalyst for crude oil market, as volatility is very high.
Today's inventory report from US Energy Information Administration (EIA), to be released at 14:30 GMT.
Active Trade idea
- We expect WTI to trade as high as $53/barrel as long as support around $39/barrel holds.
- Key support stands at $43.3/ barrel and $41.5/barrel.
